Bitcoin, the world's largest cryptocurrency, has remained rangebound above the $60,000 mark since its resurgence on May 3. While some analysts remain cautious, one prominent market analyst has expressed optimism about Bitcoin's potential to reclaim the $70,000 level by the end of May.

Adrian Zduńczyk, known as "crypto_birb," with a significant following of 652,000 on Twitter, shared his insights suggesting that Bitcoin could target $70,000 this month. Zduńczyk highlighted bullish indicators such as the rising 200-week and 50-week moving averages, signaling a bullish market sentiment.

Moreover, Zduńczyk pointed out that the 200-day moving average recently hit an all-time high above $50,000, indicating a strong support level for Bitcoin's current price trajectory. He emphasized that despite Bitcoin's sideways movement, market sentiment remains in the "greed" phase, as indicated by the Fear and Greed Index, while mining costs have stabilized.

The analyst also referenced historical market data, noting that May typically sees an average gain of around 15% in previous market cycles. Based on the month's opening price of $60,600, Zduńczyk estimated an end-of-month target of approximately $70,000.

Fellow analyst and trader "Crypto Caesar" echoed similar sentiments, observing a potential cup and handle pattern formation on Bitcoin's weekly timeframe. He suggested that if Bitcoin can sustain its momentum above all-time highs, a strong rally to the upside could be expected, potentially leading to a shorter market cycle.

Recent on-chain indicators reported by crypto exchange Bitfinex suggested a diminishing selling pressure from short-term holders, further bolstering the positive outlook for Bitcoin's price action.

Despite a slight dip in the overall crypto market, with total market capitalization declining to $2.42 trillion during the Wednesday trading session in Asia, Bitcoin remained relatively stable around $62,629. Ethereum, however, experienced a dip below the crucial $3,000 support level.

While altcoins such as Solana (SOL), Dogecoin (DOGE), and Avalanche (AVAX) recorded losses, Bitcoin's resilience and the bullish predictions from prominent analysts hint at a potentially bullish trajectory for the cryptocurrency market in the coming weeks.